AS we move forward, I will be encouraging us to do some 'bar by bar' analysis, both from past history, and as a chart unfolds.
Today, I looked at the last three bars (in particular) on the copper weekly chart.
The copper charts have shown weakness for some time, as prices have trended lower.
Three weeks ago the spread narrowed considerably on volume that was both an increased & above average. The suspicion was that support has come into the market. Then the next bar was up (on below average volume, within a potential supply vacuum), confirming the suspected buying in the previous bar.
Those two bars together would form a reasonable shakeout.
And this week has accelerated higher & has now closed above the high of the bar from three weeks ago, which leaves a potentially bullish set up.
Overall, very nice......and quite promising (I already said that hey....)
I won't be surprised if the strength of the line @ 2.0015 is tested at some time....but it doesn't have to....so we'll see.....
